Almost every flat purchaser must first decide if he is looking for a brand new or an older flat. To choose wisely he must consider all the advantages and disadvantages affecting such a purchase. The following are the most important considerations.

Advantages of an older flat

Price

Price is always one of the most important criteria for an investor. Older flats are usually cheaper than new ones. Of course, it is also necessary to think of the costs of required repairs and possible renovations.

A larger supply

Logically, there is a larger supply of older flats than of new ones. One significant advantage is that you can move into an older flat almost immediately. New flats are usually purchased during the construction process and you may have to wait to move in.

The flat has already been checked out

Since someone has already lived in the flat you can assume the flat has been inspected. Major malfunctions have already been discovered and repaired by the original owner. If not, the consequences will be visible during your first visit and you can decide what to do about them or change your mind. In the case of a new flat such malfunctions will only be apparent during daily usage. You can also find out information about neighbours or operation costs of the flat from former owners. Issues involving house management and maintenance have already been solved.

Location, public facilities, public transport

The location of an older flat can itself be an advantage. Even when flats were originally located in the suburbs they gradually became part of the city. Possibilities of public transport as well as public facilities improve in time.

Disadvantages of an older flat

Layout and appearance

The buyer receives the flat in the condition it was left by the previous owner. If the buyer doesn’t intend to renovate the flat he has to deal with it. He cannot easily change the proportions of any single room or its position.

Quality and age of the materials used

Materials and equipment originally used to build an older flat will no longer serve their purpose, not only from a utilitarian point of view but also from an aesthetic one. Changes, repairs and improvements can be very costly.

Advantages of a new flat

The possibility of demanding that imperfections be corrected

One of the most important advantages of a new flat is the possibility of demanding that imperfections be corrected and of claiming rights awarded under the legal guarantee. This depends only on your negotiation skills and patience.

Possibility of influencing the flat’s appearance

If you buy a new flat during the construction process you can influence its final appearance– both layout and equipment.

Use of modern materials and technologies

During the construction of a new flat modern methods, technologies and construction materials are used. If the project is managed well a new flat owner can save significant amounts on energy and service expenditures.

An inclusive solution

New flats are usually part of extended development projects. Such complexes must be equipped with elevators, a sufficient number of parking splaces, playgrounds and recreation areas intended for their residents.

Disadvantages of a new flat

Building quality

This can be one of the most significant problems. Although modern methods and materials were mentioned as an advantage, they depend on the quality of the work and, unfortunately, bad work is not unusual.

Location, public transport

New development projects are usually built in the suburbs. But these places often suffer frequently from insufficient public transport. This causes residents problems with getting to work, school, the doctor etc.

First owner

You’re the first real user of a new flat. You’re the one who discovers all the malfunctions during your flat's daily usage. Adjustments can take a great deal of time and money.

Completion of the development project

The construction of new flats is performed in stages depending on the success of the previous project. If the developer is not able to sell enough new flats the entire project may be discontinued. This means that the promised facilities won’t be built. The opposite problem is also possible if your motivation for buying a new flat was to acquire an amazing view and the development project is successful. Then this view can be blocked by a new building erected right in front of your window.

Price

Usually higher than in the case of an older flat.

Be aware of all these advantages and disadvantages. It’s up to you to decide which option is the best.

In conclusion, you should be aware of all the pros and cons. Now it is up to you to consider the options and reach a decision. If you wish, we can help you. Contact us now.